Loan Calculator
Before you borrow, know the real cost. Enter the loan amount, annual interest rate and term — the Loan Calculator returns the monthly payment, total interest over the life of the loan, and a full amortization table so you can see exactly how each payment splits between interest and principal.
What you borrow
APR
Monthly payment
299.71
10,789.52 total · 789.52 interest over 3 years
Amortization preview
| # | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 299.71 | 41.67 | 258.04 | 9,741.96 |
| 2 | 299.71 | 40.59 | 259.12 | 9,482.84 |
| 3 | 299.71 | 39.51 | 260.2 | 9,222.64 |
| 4 | 299.71 | 38.43 | 261.28 | 8,961.36 |
| 5 | 299.71 | 37.34 | 262.37 | 8,698.99 |
| 6 | 299.71 | 36.25 | 263.46 | 8,435.53 |
36 payments total — early payments are mostly interest; the balance falls faster later.
How it works
- Enter the loan amount (principal) you're considering.
- Enter the annual interest rate (APR) and the term in years.
- The monthly payment is computed with the standard annuity formula.
- Total interest and total cost appear instantly.
- The amortization table shows every payment: interest portion, principal portion, and remaining balance.
The formula
Monthly payment
Pmt = P × r ÷ (1 − (1 + r)^−n)
P = principal, r = monthly rate (annual ÷ 12), n = number of monthly payments. This is the standard amortizing-loan formula used by banks.
Worked example
Worked example
- Loan: $10,000 at 5% APR for 3 years
- r = 0.05/12 = 0.004167, n = 36
- Payment = 10000 × 0.004167 ÷ (1 − 1.004167⁻³⁶)
Monthly payment ≈ $299.71; total paid ≈ $10,789 — about $789 in interest. A longer term lowers the payment but raises the interest: check both.
Common mistakes
- Comparing monthly payments without comparing total interest — a longer term always costs more.
- Using the nominal rate when the lender quotes APR with fees — APR already includes them.
- Forgetting grace periods and deferment: interest often accrues during study even when payments don't start.
Frequently asked questions
What is a good student loan interest rate?
It varies widely by country and lender — subsidized federal loans are usually the cheapest option. Always compare APR (including fees), not just the headline rate.
Should I pay off my loan early?
If the rate is higher than what your savings earn, paying early usually wins. But keep an emergency fund first — and check for prepayment penalties.
What's the difference between interest and APR?
APR includes fees rolled into the rate, so it's the truer cost. The calculator assumes a single APR.
Is the amortization schedule exact?
Yes — the table is computed with the standard amortization formula, matching what lenders use (up to rounding differences of a few cents).
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